The more variables involved in your payroll, the more it makes sense to use payroll outsourcing. Concord Employment Contractors can calculate payroll, adhere to the latest SARS/Tax Iegislations, print and deliver reports and provide any service that an in-house payroll department can provide …. and more! Despite the potential savings, cost is not the primary reason for most firms making the move to payroll outsourcing, as more often than not it is to get rid of the hassle of internal processing and legal compliance.
- Can you handle the calculations and details of your payroll with complete confidence that it is precise, timely, and accurate?
- Do you understand all of the details related to the filing of your payroll taxes as a company and for each of your employees (Payroll administration)?
- Do you have an automated payment system or a system in place that will issue payments effectively and on schedule?
- Do you have the time and staff to verify the accuracy of all these operations?
- Do you have sufficient internal audit procedures to prevent payroll fraud?
- Do you have back-up staff in place if your administrator is ill or on leave?
- Have you calculated your indirect cost for payroll administration i.e. stationery, bank charges, consulting fees, training fees, etc?
- Are you compliant with the Bargaining Council in your industry?
lf you answered “NO” to any of the above, you will probably want to consider using a payroll outsourcing service!
Benefits of Payroll Administration:
- Eliminate time consuming payroll data capturing
- Eliminate IRP5 stress
- Full adherence to current Tax legislation
- Prevent internal fraud
- 100% security regarding cash transfers
- Allows your company to focus on core company objectives
- Effective SARS administration and liaison
- Eliminate SARS late payment penalties
- Guaranteed confidentiality of information.